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Rating Action:

Moody's Affirms Nine Classes of GSMS 2010-C2

04 Nov 2016

Approximately $542.1 Million of Structured Securities Affected

New York, November 04, 2016 -- Moody's Investors Services affirmed the ratings on nine classes in GS Mortgage Securities Trust 2010-C2 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Dec 11, 2015 Affirmed Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Dec 11, 2015 Affirmed Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 11, 2015 Affirmed Aa1 (sf)

Cl. C, Affirmed Aa3 (sf); previously on Dec 11, 2015 Upgraded to Aa3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Dec 11, 2015 Affirmed Baa3 (sf)

Cl. E, Affirmed Ba2 (sf); previously on Dec 11, 2015 Affirmed Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on Dec 11, 2015 Affirmed B2 (sf)

Cl. X-A, Affirmed Aaa (sf); previously on Dec 11, 2015 Affirmed Aaa (sf)

Cl. X-B, Affirmed Ba3 (sf); previously on Dec 11, 2015 Affirmed Ba3 (sf)

RATINGS RATIONALE

The ratings on seven P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The ratings on two IO classes were affirmed based on the credit performance (or the weighted average rating factor or WARF) of the referenced classes.

Moody's rating action reflects a base expected loss of 0.8% of the current balance, compared to 1.0% at Moody's last review. Moody's base expected loss plus realized losses is now 0.5% of the original pooled balance, compared to 0.7% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were " Approach to Rating US and Canadian Conduit/Fusion CMBS" published in December 2014 and "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in October 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

DESCRIPTION OF MODELS USED

Moody's review used the excel-based CMBS Conduit Model, which it uses for both conduit and fusion transactions. Credit enhancement levels for conduit loans are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate Moody's uses to estimate Moody's value). Moody's fuses the conduit results with the results of its analysis of investment grade structured credit assessed loans and any conduit loan that represents 10% or greater of the current pool balance.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 14, compared to 15 at Moody's last review.

When the Herf falls below 20, Moody's uses the excel-based Large Loan Model and then reconciles and weights the results from the conduit and large loan models in formulating a rating recommendation. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan-level proceeds derived from Moody's loan-level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type and sponsorship. Moody's also further adjusts these aggregated proceeds for any pooling benefits associated with loan level diversity and other concentrations and correlations.

DEAL PERFORMANCE

As of the October 13, 2016 distribution date, the transaction's aggregate certificate balance has decreased by 35% to $571 million from $876 million at securitization. The certificates are collateralized by 27 mortgage loans ranging in size from less than 1% to 15% of the pool, with the top ten loans constituting 69% of the pool. Four loans, constituting 18% of the pool, have investment-grade structured credit assessments. Two loans, constituting 5% of the pool, has defeased and is secured by US government securities.

Three loans, constituting 11% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

Currently no loans have liquidated from the pool or are in special servicing.

Moody's received full year 2015 operating results for 100% of the pool and partial year 2016 operating results for 98% of the pool. Moody's weighted average conduit LTV is 81% compared to 84% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 16% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.73X and 1.33X, respectively, compared to 1.67X and 1.30X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the Cole Portfolio I Loan ($31.5 million -- 5.5% of the pool), which is secured by a fee interest in 20 single tenant properties located across 13 states. The portfolio consists of 17 retail properties, two industrial properties and one ground leased parcel that is improved with a retail building. In aggregate, the portfolio contains approximately 555,100 square feet (SF) and was 100% leased as of June 2016. Only one lease, representing 9% of the net rentable area (NRA), expires during the loan term. Moody's structured credit assessment and stressed DSCR are aa3 (sca.pd) and 1.58X, respectively.

The second largest loan with a structured credit assessment is the Cole Portfolio II Loan ($30.0 million -- 5.3% of the pool), which is secured by a fee interest in 14 single tenant properties and one multi-tenant industrial property located across 11 states. In aggregate, the portfolio contains approximately 331,500 SF and was 100% leased as of June 2016. Moody's structured credit assessment and stressed DSCR are a1 (sca.pd) and 1.55X, respectively.

The third largest loan with a structured credit assessment is the Payless and Brown Industrial Portfolio ($27.8 million -- 4.9% of the pool), which is secured by two single tenant industrial properties. The Payless Distribution Center represents the larger of the two properties and totals approximately 802,000 SF of the Northbrook Industrial Park in Brookville, Ohio. The property was built in 2008 and has 32' ceiling heights, three grade drive-in doors, 76 dock high doors, and approximately 25,000 SF of office space. The remainder of the collateral is represented by the Brown Shoe Distribution Center, a 352,000 SF warehouse/distribution building located in Lebec, California within the Tenjon Industrial Complex. The property was built in 2008 and has 32' ceiling heights, a single grade drive-in door, 38 exterior docks with levelers and approximately 12,000 SF of office space. Moody's structured credit assessment and stressed DSCR are a1 (sca.pd) and 1.76X, respectively.

The fourth largest loan with a structured credit assessment is the Ruxton Towers Loan ($11.3 million -- 2.0%), which is secured by a 16-story apartment building containing 207 units and built in 1927. The property is located in the Upper West Side of Manhattan, NY. As of June 2016, the property was 99% leased. Moody's structured credit assessment and stressed DSCR are aa1 (sca.pd) and 1.96X, respectively.

The top three conduit loans represent 33% of the pool balance. The largest loan is the 52 Broadway Loan ($85.3 million -- 14.9% of the pool), which is secured by a 19-story, 400,000 SF, Class B office building located in downtown Manhattan, New York. The property was constructed in 1982 and renovated in 2002 at a cost of $4.5 million ($11.25 PSF). The United Federation of Teachers has occupied the entire building since the 2002 renovation. They are currently operating under a long term net lease expiring in August 2034. Moody's LTV and stressed DSCR are 101% and 1X, respectively, compared to 104% and 0.98X at the last review.

The second largest loan is the Station Square Loan ($56.9 million -- 10.0% of the pool), which is secured by an approximately 670,000 SF mixed use property located in Pittsburgh, Pennsylvania. The property is comprised of five buildings containing 449,000 SF of office space and 220,000 SF of retail space, two open-air parking lots offering approximately 2,500 spaces, a covered parking garage offering 1,210 spaces, docks leased to the Gateway Clipper Fleet, marina slips, an outdoor amphitheater leased to a third party operator and land under a gas stations owned by a third party operator. The age of the improvements vary, with the oldest structure built in 1897 and the newest structure built in 2001. As of June 2016, the total property was approximately 80% leased. Moody's LTV and stressed DSCR are 80% and 1.28X, respectively, compared to 82% and 1.26X at the last review.

The third largest loan is the 123 South Broad Loan ($44.6 million -- 7.8% of the pool), which is secured by two interconnected Class B office buildings located in the central business district of Philadelphia. The two buildings are referred to as the Wells Fargo Building and the Witherspoon Building. Wells Fargo is the largest tenant occupying 31% of the NRA through December 2020. As of June 2016, the property was 95% leased, compared to 96% as of September 2015. Moody's LTV and stressed DSCR are 68% and 1.51X, respectively, compared to 70% and 1.48X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Stephen L Renna
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Matthew Halpern
AVP-Analyst/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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